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Guide To Know If You Are Ready To Buy A House

by Robert & Nancy Lindeman 10/31/2018

Buying a new home is a big decision and one that many wonder if they are truly ready for.

Use this guide to determine if you are ready to start house hunting:

  1. Thirty percent of your income can cover a mortgage payment for your ideal home

The ability to afford month to month payments is incredibly important. Staying within the recommended percentages when it comes to budgeting helps you failsafe your finances from potential future hardship. At the very least you want your mortgage payment to be as close as possible to the thirty percent marker of your income.

  1. You’re in a secure job.

In addition to having an income that can sufficiently support the month to month payments you also want to ensure that that income is a reliable source. Signs of a reliable income are that you have been with your current company for longer than two years with several months at the same pay rate.

  1. You have a great credit score

This one shouldn’t come as any surprise to you. A great credit score will not just increase your eligibility for financing but also for a great interest rate. If your score falls in the “good” region you can take steps to bring up your score fairly quickly, as far as scores go,  before applying.

  1. You have a down payment saved up

A down payment is a big savings goal to tackle. So if you’ve already done the math and saved up a sizeable sum for the downpayment on your dream house you are most certainly ready! Ideally, this amount should be around twenty percent of the sale price.

  1. You’ve prepared a prospective budget

If you already have a down payment saved you at the very least have part of this step taken care of! Knowing your future homeowners budget doesn’t just include your typical expenses plus a mortgage payment. You also want to factor in homeowners insurance, potential HOA (Homeowner Association) fees, and maintenance costs.

  1. You’re ready to build equity - or it’s your next financial goal

For those scratching their heads, equity is the amount of your home that you actually own. This is the ratio between your homes value, the amount you have paid and the amount you owe. As you continue to make payments on your home your equity grows. Equity can also increase if the value of your property increases.

  1. You’re ready for stability

If you’re ready to settle down in one place for at least the next five years you’re looking for stability. Perhaps you’re ready to put down some roots and start a family or become a part of a local community. Owning your own home provides you a steady living expense, builds equity and gives you (almost) complete control of your lifestyle.


About the Author

Author
Robert & Nancy Lindeman

Robert and Nancy Lindeman have over 25 years of experience in residential and commercial real estate transactions, and have been top producers for many years.

They pride themselves on providing a highly individualized approach to each client's needs, including a strong presence on the Internet. Weekly blogs about the Sarasota Lifestyle provide a wealth of information to their clients. Social networking has enhanced their marketing efforts and has resulted in a new source of buyers and sellers.

They are currently living the Downtown Sarasota Lifestyle and have sold many downtown condominiums as well as properties on Longboat Key, Lido Key, Siesta Key, St. Armands Key, Bird Key, in many golf course communities, and in the greater Sarasota/Bradenton area.

Testimonials

Our experience with Bob and Nancy has been great. They are both SRQ "realty savvy" and a really nice couple, who genuinely care about your situation and interests

Guy & Nancy,

Nancy and Bob Lindeman have been friends and realtors for over the past 14 years during which time we have purchased three and sold four properties, they have been very professional and responsive throughout the period. We wouldn't use anyone else in Sarasota market

George and Charlotte,

Julie and I wanted to drop you this note to express our appreciation to you for your wonderful help and support with the purchase and sale of our old home. It was great to have your support in planning the sale and then in taking care of those pesky things that need to be taken care of to satisfy the buyer. The guidance you gave during the purchase of our condo at the Vue, helped to make us comfortable. You helped make our dreams come true.

Many Thanks, Julie and Richard,

Bob and Nancy Lindeman were fantastic to work with when selling our condo. They are a team and communication during the selling process was excellent. Nancy and Bob prepared brochures and a video tour of our condo that displayed it in the most attractive way. what was most impressive was the manner in which the internet listing was devised! Any search for a condo in downtown Sarasota would produce our condo in the results and it was most likely to first item. Many thanks for the creativity and work that Bob and Nancy put into a sale

Lynne and Marvin,